U.S. imports rise when income in the United States increases
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the table above. What is the marginal revenue of the monopolist when it sells 300 units of its product?
A) $1 B) $2 C) $3 D) $4
Economists initially viewed the Phillips curve as a structural relationship, meaning that the relationship between the two measured variables
A) can change only slightly over time. B) can change greatly over time. C) will not change over time. D) will change in the short run but not in the long run.
Which of the following is true?
a. The monopolist's marginal revenue will always be less than the price because of its downward-sloping demand curve. b. In order to sell more output, the monopolist must accept a lower price on all units sold. c. The monopolist will receive additional revenue from the sale of an additional new unit but will receive less revenue on all of the units it was previously selling as well. d. All of these statements are true.
Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to:
A. decrease the demand for diesel cars. B. increase the demand for diesel cars. C. increase the demand for gasoline. D. decrease the demand for gasoline.